Shares of PayPal (PYPL) were trading lower Monday after Canaccord Genuity cut its rating on the stock to "hold" from "buy." Canaccord also lowered its price target to $40 from $45 on shares, with analysts noting, "We are optimistic regarding total payment volume growth in the near term, but we believe the factors driving this (One Touch, Venmo) are well understood and largely reflected in estimates." Canaccord also noted that with higher funding mix-driven transaction expenses stemming from Visa (V) and MasterCard (MA) deals are likely to pressure margins and temper earnings growth modestly.
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